About us

Clearcorp Dealing Systems (India) Ltd. (Clearcorp), a wholly owned subsidiary of the Clearing Corporation of India Limited (CCIL), was incorporated in June, 2003 to facilitate, set up and carry on the business of providing dealing systems/platform in money market and foreign exchange markets. The Company, at its inception managed the dealing platform for Collateralised Borrowing and Lending (CBLO) transactions and the FX-CLEAR platform launched in August 2003 for spot transactions in USD/INR currency pair. Over the years, Clearcorp has expanded its scope of operations to develop and manage trading platforms in the repo, triparty repo and OTC derivatives market. It also manages the NDS-OM and NDS-CALL platform for trading in government securities and call money market respectively on behalf of the Reserve Bank of India. The anonymity, transparency of the trading platforms developed for these OTC markets have helped to widen the participant base, improve price discovery, enhance the instruments available for trading and has led to lower the costs associated with trading in these markets.

NDS-OM, is the secondary market trading platform for government securities owned by the Reserve Bank of India (RBI) and managed by Clearcorp. Launched on August 1, 2005, this anonymous Electronic Order Matching Platform has helped to bring in transparency, price discovery for trading in G-Secs. It has helped to expand the outreach of G-Sec trading to a broader participant base and facilitated the implementation of various important reforms viz., covered short sales, when issued markets for trading in this market. Other features of this platform include web-based access to Gilt Account Holders (GAHs), reporting of T+2 FPI trades, online monitoring of FPI limits and a Request for Quote (RFQ) module for dealing in illiquid securities. All bilateral transactions also need to be reported on the platform.

NDS-CALL, is an electronic Request for Quote System launched on September 18, 2006 facilitating dealing in call, notice and term money. It is owned by the Reserve Bank of India (RBI) and managed by Clearcorp.

FX-CLEAR, a Forex Dealing System, was launched by Clearcorp on August 7, 2003. FX-CLEAR offers both Order Matching and Negotiation Modes for dealing. The platform covers inter-bank Spot, swap and other transactions in USD/INR currency pair. The platform offers guaranteed settlement from the point of trade for all the trades concluded on the Order Matching Mode of the platform, wherein these trades are automatically sent to CCIL for settlement.

The FX-CLEAR platform has been gradually expanded to cater to trading in various FX instruments like the FBIL Reference Rate, FX Swap instruments of various tenors etc.

FX-Retail, which was launched by Clearcorp for dealing in August 2019, offers facility to book forex contracts in USD/INR currency pair for the customers of banks. The platform provides for an order driven dealing in the USD/INR currency pair for the Customers, where they can directly access the platform through the Internet and place buy/sell orders as per their requirement. The Forward booking facility allows the customers to book contracts upto a period of 13 months, which includes Forward standard tenors (start of month, mid-month and month end) and Broken dates. The FX-CLEAR Inter-bank Spot rates are also available on the platform for view purpose. The aggregation feature of the platform facilitates matching of Customer orders placed at the same price to be aggregated to Interbank lot size and tried for matching in the Interbank market.

Clearcorp Repo Order Matching System (CROMS) is an STP enabled anonymous Order Matching Platform launched by Clearcorp on January 27, 2009 to facilitate dealing in Market Repos in all Government Securities. It enables dealing in three kinds of Repos – (1) Basket (2) Special Repos and (3) Govt. Securities Lending Transaction (GSLT). Building on the internationally popular Standard Repo Model, Basket Repos enables dealing in baskets wherein repoable securities have been classified based on instrument type, liquidity and outstanding tenor and clustered together. While borrowers can raise funds through a Basket Repo against any of security forming part of the concerned basket, the lender is assured that it would receive only any of the securities forming part of the concerned basket. Details of security allocated are known to both counterparties post trade. As for Special Repos, which is the conventional repo, both borrower and lender are aware of the underlying security against which deal is sought to be concluded. The Govt. Securities Lending Transaction (GSLT) functionality available in the system allows borrowing one security against another security. CROMS provides better transparency, repo rate discovery and operational efficiency and is now the preferred avenue for participants dealing in this market. All trades dealt or reported on the CROMS platform flow seamlessly to CCIL for settlement.

TREPS, facilitates borrowing and lending of funds against Government securities, in a Triparty Repo arrangement. Launched on November 5, 2018, TREPS is an anonymous electronic order matching platform for triparty repo transactions. Entities who are admitted to Clearcorp’s Triparty Repo (Dealing) Segment, and having access to INFINET network, access dealing system through INFINET. Other entities who are admitted as Member’s access dealing system through INTERNET. Member’s orders to borrow and / or lend under Triparty Repo are matched on Amount to borrow / lend, Interest rate-and Time priority. All the matched orders i.e., trades of the members flow seamlessly to CCIL for settlement. CCIL settles the trades from TREPS, in terms of its Securities Segment Regulations.

ASTROID is the anonymous matching platform for Rupee Interest Rate OTC derivatives, ASTROID has been operational since August 3, 2015. The ASTROID platform supports trades referenced to MIBOR OIS benchmark, with rolling maturities ranging from 1 month to 10 years. Orders placed on ASTROID are matched on the basis of rate-time priority. Risk measures like risk reduction, accumulation of orders is also provided on the platform. The trades dealt on the ASTROID are eligible for CCIL’s Central Clearing and Settlement services in accordance with Bye-laws, Rules and Regulations of Rupee Derivatives Guaranteed Settlement Segment. Institutional entities such as Mutual Funds, Insurance Companies, Housing Finance Companies and Pension Funds are also eligible to participate on ASTROID subject to approval from their sectoral regulator. With the objective of expand the trading options for Members a new functionality, PV01 Neutral Spread trading was made available to members in the month of September 2023 on this platform.